Â The importance of the role of company secretary when it comes to effective corporate governance has been highlighted in a new Parliamentary report, corporate and legal support firm London Registrars (http://www.london-registrars.co.uk/) can reveal.
“Elevating the Role of the Company Secretary” is the newly published report from Lintstock for the All Party Parliamentary Corporate Governance Group which compiles the findings from surveys and interviews with 252 Board Directors and 166 Company Secretaries. These findings point to the importance of the role of company secretary in general, with many of those interviewed believing in the “uniqueness of the position of company secretary as the interface between the board and management”. There was, however, also evidence to support the fact that this role has yet to gain full credibility amongst board members.
Out of those polled for the report, 70% agreed that this is a role often combined with another (often general counsel or head of legal); 95% stated that the area where a company secretary adds value is in directing the focus of the board; and it was found that while company secretaries themselves believe their role is a combination of administrative and strategic, board members believe it is primarily administrative. A further finding of interest is the perception that the role is undermined by the term “secretary” being in the job title.
As company secretarial services provider London Registrars has witnessed, this is a role which has increased in responsibility in recent years, mostly, according to the report, due to the increase in corporate governance rules in the UK following the economic crisis. “Elevating the Role of the Company Secretary” reveals this job as one which is increasingly important, although it does state that it should enjoy a more prominent position within a business if the individual can effectively add value to the role over and above tasks of a more administrative nature. The benchmark for a quality company secretary, it says, should be commercial expertise.
Does your firm need assistance with the increasingly vital role of company secretary? To learn more about the company secretarial services available from London Registrars, go to http://www.london-registrars.co.uk/.